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  • Kotak Group Shield Plan

    Kotak Life Insurance

    The Kotak Group Shield is a life insurance plan that covers and provides benefits for not only death but critical illness, disability or terminal illness as well. The comprehensive plans have to be chosen according to the needs of an individual who wishes to get the insurance. Insurance premiums can be paid one time or annually, half-yearly, quarterly or monthly.

    Eligibility Conditions for Kotak Group Shield

    Plan Options

    Easy Group Shield

    Group Shield plus Disability Benefit Group Shield

    Group Shield plus Disability Benefit Group Shield

    Group Size

    50 members

    50 members

    Age of Entry

    Min: 15 years and Max: Single Premium: 73 years, Regular premium: 70 years

    Min: 18 years and Max: Single Premium: 63 years, Regular premium: 60 years

    Cover Cease Age

    Maximum of up to 75 years

    Maximum of upto 65 years

    Cover Term

    Single Premium: Min: 2 years and Max: 30 years, Regular premium: Min: 5 years and Max: 30 years

    Single Premium: Min: 2 years and Max: 30 years, Regular premium: Min: 5 years and Max: 30 years

    Premium Payment Term

    Full policy term for both single premium or Regular premium

     

    Sum Assured

    For Easy Group Shield Min : Rs. 5,000 and Max : No. Limit and For Group Shield Min : Rs.25,000/- Max : No. Limit

    For Group Shield Plus Disability Benefit Min: Rs. 25,000 Max : No. Limit and For Group Shield Plus Critical Illness Min: Rs. 100,000 and Max : No. Limit

    Features of Kotak group Shield

    Plan Type

    Group Credit Level Cover Insurance Plan

     

    Basis

    Floater

     

    Policy Term

    Single Premium: Min: 2 years and Max: 30 years, Regular premium: Min: 5 years and Max: 30 years

    Single Premium: Min: 2 years and Max: 30 years, Regular premium: Min: 5 years and Max: 30 years

    Coverage

    Kotak Group Shield provides protection not only in case of death of the insured but disability, Critical illness or terminal illness as well through various plans within this plan.

     
     

    There are five options to choose from, that include:

    Easy Group Shield

    Group Shield

    Group Shield Plus Disability Benefit

    Group Shield Plus Critical Illness Benefit

    Joint Life Option

     
     

    Options

    Benefit Given When

     

    Easy Group Shield

    Benefit On the first Death of any of the two lives

     

    Group Shield

    On Death or Terminal Illness (whichever occurs first) of any of the two lives.

     

    Group Shield plus Disability Benefit

    On Death or Terminal Illness or Accidental Permanent Disability (whichever occurs first) of any of the two lives.

     

    Group Shield plus Critical Illness

    On Death or Terminal Illness or Critical Illness (whichever occurs first) of any of the two lives.

         

    Free look Period

    15 days from the date of first premium reciept

     

    Premium Paying Modes

    Single Premium or Regular Premium

     

    Benefits of Kotak Group Shield

    • Easy sign-up Process: The procedure to be followed for this insurance application is easy and hassle-free.
    • Protects The Insured From Liabilities of Loan: It is also equivalent to an initial loan amount. In case of an unfortunate event the sum assured is sufficient enough to pay off loan liabilities.
    • Various Coverage Areas Based on Various Needs: Coverage provided for death or terminal illness or critical illness or disability which are based on the option selected. In the case of occurrence of the covered event, the insured, his family or nominees.
    • Tax Benefits: Tax benefits can be availed under Section 80C and Section 10 (10D) of Income Tax Act, 1961.

    How Kotak Group Shield Works

    There are 5 basic plans to choose from which include:

    1. Easy Group Shield
    2. Group Shield
    3. Group Shield Plus Disability Benefit
    4. Group Shield Plus Critical Illness Benefit
    5. Joint Life Option

    Each of these plans are based on their coverage area, which may include various aspects of the event for which the insured or their family member can reap the benefits. there are several exclusions under this category. You can check for the same in the terms and conditions section of the insurance brochure.

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